You know the table. The one with the best view. The waterside section or the seats front-and-center to your big screen. The intimate booth is tucked into a corner nook, making the rest of the restaurant disappear.
The table everybody loves.
On a busy weekend, your customer asks for it, specifically and often. And, although your hostess has heard the question a thousand times, they respond with a stoic smile and inform your guest they’ll have to wait awhile. So with a sinking mix of despair and uncertainty, they join the crowd of customers camped around the bar and waiting areas biding time for a green light into the center stage.
Crooked maître d’s understand full well the value of this prime real estate. They’ve been holding tables for ransom since the Rat Pack days, courting sly handshakes concealing a few bills. Not at your restaurant, of course, but you know the dynamic. And the burning question is–if your customers are willing to pay for the best seat in the house, why aren’t you giving them the opportunity?
Reservation Demand Is Up
Now is the perfect time to start charging for your restaurant’s most coveted seats. Demand for reservations is up 107% according to a study conducted by Yelp. And that’s not surprising considering restaurants are reducing dining hours and limiting seating in response to rising inflation and the staffing crisis. Customers know that getting a table at their favorite restaurant without a reservation isn’t a given, and they’re scrambling to get their name on the list.
But, how do we execute this tactic in a way that not only boosts profits but also improves the dining experience for all customers?
A Breakthrough In Reservation Technology
Imagine if guests could walk around your restaurant before stepping in the door. They approach the bar and picture themselves ordering a drink, admiring a kaleidoscope of colors reflecting behind the bottle display. Then, strolling through the dining areas, they decide at leisure the ideal seat to match the occasion for of their big night out.
Tablz transforms this dream into a reality. Using 3-D imagery and augmented reality technology, Tablz seamlessly integrates with your existing reservation management system allowing your customer to immerse themselves in the ambiance and layout of your restaurant. During this interactive, virtual walk-through, your guests can reserve a specific table–for a price that reflects the value of their choice.
The Dining Experience
Restaurants don’t just sell food. They sell an experience. And that’s a reality best taken to heart considering 76% of consumers prefer spending money on experiences over material goods, according to research from Momentum Worldwide. Your restaurant’s prime seating is not just a place for your guests to eat. It’s the setting for an important occasion they’ll remember with nostalgia. And, when they think back to your restaurant, one of the most visceral memories will be the atmosphere, amplified by the idyllic table.
Tablz helps restaurants establish the value of these prime dining locations. Just as importantly, your customers will have the rare opportunity to guarantee the experience they desire.
Dynamic Table Pricing Strategy
The restaurant industry is behind the times when it comes to revenue generation. Consumers are familiar with paying more for better seats at high-demand times for other experiences. So, why have most restaurants failed to implement a dynamic pricing strategy?
Would you expect to pay the same price for seats in the nosebleed section as you would for courtside seats? Surely you’d pay top dollar for front-row seats to a concert or a hotel’s penthouse suite. Then why is the table with the expansive sunset view assigned the same value as the table beside the kitchen door?
A beachside hotel room will cost you more in the height of summer than in the dead of winter. And we’re all familiar with Uber surge prices. But somehow, our most in-demand seats have the same value on a Tuesday as on Saturday evening. We expect the rush for sporting events, holidays, and during peak season. We even count on them to get us through the slow times. Still, restaurants fail to take advantage of this profit potential.
There’s a time and a place to charge extra for premium seating. That’s why using Tablz to implement a dynamic pricing strategy based on the fluctuating value of your best seats is the most effective way to monetize demand and develop revenue diversity.
A Better Experience For Every Customer
Reservation technology (ResTech) matters more to your customers than you may think. Research shows that 77% of restaurant guests believe reservation technology is important to a positive dining experience. And while not all of your customers will want to pay for the best seat, they can all appreciate a virtual walk-through of your restaurant made possible by Tablz.
For customers happy to pay a premium for their table of choice to guarantee their exceptional dining experience, you provide them relief from the stress and uncertainty accompanying reservation decisions. And, how can you place a value on peace of mind?
Final Thoughts
Regardless of your restaurant’s size, concept, or location, there are high-value seats and customers eager to pay for them. Tablz seamlessly integrates into your existing reservation management system which means you don’t have to switch services or manage a second platform. With a range of plans including a zero-cost profit share partnership, it’s easy for every restaurant to stop leaving money on their best tables. And for restaurants ready to take revenue generation to the next level, combining the power of F&B Insights advanced data analytics with Emerging Capital Partners provides the tools you need to raise capital and launch your business into the big leagues.
